- Bitcoin trades above $104K as realized price yield shows signs of moderating profits
- Declining trading volume suggests market caution despite strong dip-buying behavior
- Divergence between spot price and profitability hints at possible consolidation phase
Bitcoin traded near $104,000 on May 14, 2025, sustaining higher price levels as on-chain metrics pointed to stable but moderating profitability. Realized price returns continue to show strength, although recent trends indicate a decline in momentum. While the spot market remains firmly in bullish territory, trading activity and yield data suggest a possible transition phase as participants assess upcoming market conditions.
Data from April 2022 to April 2025 points out how Bitcoin’s realized price has increased, now standing around $45,100. This metric represents the average acquisition price of all circulating BTC and is a proxy for network-wide profitability.
Daily returns on realized price have ranged between 0.10% and 0.23%, translating to annualized returns of 36% to 85%. Meanwhile, these returns’ 30-day simple moving average (SMA) is approximately 0.10%, or about 35% to 40% annualized.
Periods of extended negative returns, as seen in mid-2022 and from late 2022 into early 2023, were marked by consolidation near the $20,000 range. The realized price stagnated during those phases, and investor sentiment was muted. That trend reversed in early 2024, when consistently positive returns supported a price surge past $70,000 and toward $90,000.
Price Action Shows Strength Despite Volume Decline
As of the latest update, Bitcoin is priced at $104,081.73, reflecting a modest daily increase of 0.34%. The market capitalization has grown to $2.06 trillion, while Bitcoin’s fully diluted valuation (FDV) is $2.18 trillion. Despite these figures the 24-hour trading volume decreased by 13.29% and the number now stands at $50.26 billion. The drop in volume can be indicative of trader caution, and particularly after hitting the psychological resistance close to $105,000.
Intraday trading indicated the asset crossing over the $104,800 mark, followed by a minor correction at the opening of trading on 14th May 2022. In particular, the price dipped twice below $103,500 and rebounded immediately after. This pattern reflects the continuation of support from the dip buyers and evidence that short-term mood is upbeat.
The total supply of Bitcoin is now at 19,860,000 BTC, while the hard cap of 21 million is still in force. A volume-to-market cap ratio of 2.44% indicates a moderate liquidity level over trading venues.
Diverging Indicators Point to a Watchful Market
Even though Bitcoin’s spot price is hovering around all-time highs, a cooling of realized returns and volume implies a loss of momentum. Past patterns reveal that spurns between price and profitability measures have resulted in consolidation periods or corrections in the market.
The 30-day SMA downward move in realized price yield is a warning signal for the market players. Although the overall direction is strong, the divergence between advancing spot prices and falling returns could indicate a revaluation period before macroeconomic numbers or profit taking at resistance levels.
